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The new wage base limit, which will be in effect in 2025, is $176,100, up from the $168,600 limit in 2024. This means more income of some workers will be subject to Social Security payroll taxes.
Here's the largest Social Security check going out this year. In 2025, the absolute maximum Social Security check totals $5,108. ... In 2025, the wage base limit is $176,100, up from $168,600 the ...
The 2025 wage base limit is higher The annual wage base limit is the maximum amount of your income subject to Social Security payroll taxes. For 2025, the new wage base limit is $176,100.
In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [ 1 ] [ 2 ] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00.
[a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7] This limit, known as the Social Security Wage Base, goes up each year based on average national wages and, in general, at a faster rate than the Consumer Price Index (CPI-U).
In 2025, FICA taxes will increase for higher earners as a result of one key Social Security change. ... of the FICA tax will change next year. The maximum taxable earnings is currently $168,600 ...
In 2024, the cap is $168,600 per year. Beginning in January 2025, though, it will increase to $176,100 per year. ... and consistently reach the maximum taxable earnings limit. As the wage cap ...
The general Social Security earnings-test limit in 2025 is $23,400 (up from $22,320 in 2024). ... Each year, there's a wage cap put in place that determines how much income is taxed to fund the ...